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Abstract: This paper explores the idea that financial distress is costly because. Abstract: free-rider problems and information asymmetries make it difficult for firms. Abstract: to renegotiate wit...
Abstract: This paper explores the idea that financial distress is costly because.
Abstract: free-rider problems and information asymmetries make it difficult for firms.
Abstract: to renegotiate with their creditors in times of distress. We present.
Abstract: evidence consistent with this view by showing Japanese firms with financial.
Abstract: structures in which free-rider and information problems are likely to be.
Abstract: small perform better than other firms in industrial groups-those with close.
Abstract: financial relationships to their banks, suppliers, and customers-invest more.
Abstract: and sell more after the onset of distress than non-qroup firms. Moreover.
Abstract: firms that are not group members, but nevertheless have stronq ties to a main.
Abstract: bank also invest and sell more than firms without stronq bank ties.